mkedikian
Level 1
12-07-2019
08:26 AM
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Solved! Go to Solution.
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IRonMaN
Level 15
IRonMaN
Level 15
12-07-2019
08:26 AM
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If that wasn't helpful, I might suggest not preparing returns involving K-1s - you obviously don't understand how information flows to the 1040.
Slava Ukraini!
Slava Ukraini!
poolcleaner
Level 9
12-07-2019
08:26 AM
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:+1:
dd4vols
Level 10
12-07-2019
08:26 AM
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bless mkedikdian's little heart......
If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
abctax55
Level 15
12-07-2019
08:26 AM
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"....might suggest not preparing returns involving K-1s" LOL
@mkedikian - Did YOU prepare the 1120-S? If not, you must have a copy if you know what was on the line for Officer Compensation. DOES your F 1040 client have a W-2 from the S-Corp?
Lotta' holes in here - NMI.
"*******Tax software is no substitute for a professional tax preparer*******
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mkedikian
Level 1
12-07-2019
08:26 AM
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Yes, i prepared the 1120-S and the K-1. Client did not issue W-2 for his compensation, not even a 1099. I know he should have, but he didn't. So now i have a balance that shows on his 1120-S line 7 and i want to know where does that balance on 1120-S Line 7 go on his personal 1040.
abctax55
Level 15
12-07-2019
08:26 AM
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Nowhere. Because there shouldn't BE anything on that line.
And to be blunt, you are in over your head on this.
Farm it out, or find someone to mentor you.
And to be blunt, you are in over your head on this.
Farm it out, or find someone to mentor you.
"*******Tax software is no substitute for a professional tax preparer*******
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IRonMaN
Level 15
12-07-2019
08:26 AM
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Blunt isn't always bad, even though I have never gone that route --------------- at least not today ------ yet. To borrow a line from Clint Eastwood ------------- a man's got to know his limitations.
Slava Ukraini!
Slava Ukraini!
George4Tacks
Level 15
12-07-2019
08:26 AM
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@mkedikian You may find this thread enlightening https://accountants-community.intuit.com/questions/1874645-officer-compensation-1125-e-income-where-...
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns
TaxMonkey
Level 8
12-07-2019
08:26 AM
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Its completely wrong, but as other income subject to SE tax or schedule C, is less wrong than other places.
qbteachmt
Level 15
12-07-2019
08:26 AM
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You never issue a 1099-Misc to the shareholder/Partner/Member/Owner of their own entity.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
Accountant-Man
Level 13
12-07-2019
08:26 AM
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So he didn't receive any compensation?
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